Capital, Energy and Labour Substitution The Supply Block in OECD Medium-Term Models

This paper sets out the various stages in the construction and estimation of a supply block for medium-term projection models. It describes the theoretical basis for the specification chosen and the estimation results. The basic block is a set of production factor demand functions. It is refined by...

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Detalles Bibliográficos
Autor principal: Artus, Patrick (-)
Formato: Capítulo de libro electrónico
Idioma:Inglés
Publicado: Paris : OECD Publishing 1983.
Colección:OECD Economics Department Working Papers, no.2.
Materias:
Ver en Biblioteca Universitat Ramon Llull:https://discovery.url.edu/permalink/34CSUC_URL/1im36ta/alma991009706223706719
Descripción
Sumario:This paper sets out the various stages in the construction and estimation of a supply block for medium-term projection models. It describes the theoretical basis for the specification chosen and the estimation results. The basic block is a set of production factor demand functions. It is refined by modelling the scrapping behaviour of firms, introducing the effects stemming from movements in hours worked, and examining the role of profits. Other possible changes or improvements are outlined. The model is used to simulate the effects of movements in the relative prices of labour, capital and energy in recent years ...
Descripción Física:1 online resource (66 p. )